, 1887-03-17
A DOUBT.
A Hitch In the Trans fer of the Baltimore
Ohio Road.


New YORK, March 10.-The Tri-
bune, tomorrow, will say: Negotia-
tions for the transfer for control of the
Baltimore e Ohio railroad to New
York syndicate, have not yet been
carried to successful issue. 1t is re-
ported that the option obtained from
President Garrett by Alfred Sully en-
pired yesterday and that Sully was un-
able to raise money to meet the first
payment. While the exact terms of
the contract IRE not known, it has
been established that $4,000 600 of the
Tl6,0O0O0O required for the purchase
OF $4,000 shares ut $22 was to be paid
on cash. Stock, however, was to be
placed in trust until the payment OF
the remaining 100000 on which II
years time was given. 1t appears that
of the cash payment an .installment of
Tl 100000 was to be paid yesterday.
The sum was not sent to Baltimore,
but in place Of the money request for
an extension of privilege was forward
ed. 1t is not known ii any reply to
the message has been received. The
most plausible excuse for failure to
exercise the option was II statement
that the purchasing syndicate desired
longer time for an investigation OF the
condition of the Baltimore e Ohio
com panies. The assets and liabilities
of the company were stated in
round figures when the privilege
on stock was obtained
and many persons who
had expressed D willingness to Join in
the undertaking, were reluctant upon
calm reflection to complete the bar
gain without an expert examination of
the affairs Of the company. \ member
of the proposed syndicate expressed
the general sentiment in about these
words: "Wc have no objection about
entering upon this agreement, but as
business men OF ordinary prudence
and capacity we must insist upon II
fuller and more exact report of the
value OF the property we are buying
1t must not be forgotten that
the Baltimore q Ohio has several
important quarrels IN its hands
on railroad questions with the Pennsvl-
vania railway, in telegraph matters
with the Western Union company, and
express matters with all large express
companies. 1t would seem advisable
under the circumstances, that the per-
sons having control of the company
should ascertain, first of all, whether
these disputes could be easily adjusted.
! think the present failure has been
due chiefly to the premature an
nouncement of the plan before it was
learned whether these important dis
putes could be amicably arranged"
An adjourned meeting of the eXecu-
tive committee of the Richmond &
West Point Terminal company was
held yesterday. The option held by
Mr. Sully, president of the company,
was again under discussion, but the
meeting adjourned subject to the call
of the president without taking defin-
ite action. 1t is understood that the
proposal of Garrett to relinquish con-
troll of the Baltimore & Ohio road had
partly i'll view an amalgamation of his
company with the southern system OF
railroads now embraced in the Termi-
nal company. The terms for such IL
union, if any formal conditions were
presented, were not agreed upon and
it was said by II member Of the com
mittee to be doubtful if substantial
basis for such agreement could be
reached. 1t was stated in emphatic
terms that under no circumstances
would the Terminal company use any
more obligations for requisition from
the Baltimore e Ohio railroad on
any other property. 1t was IL
part OF the proposed scheme to
sell or lease the Baltimore & Ohio sys'
tenn to the Western Union company
! The cost of the telegraph lines stand
ing ON the company's tracks was about
100000 and it was thought by the
projectors of the plant that the West
ern Union company would readily buy
the system ut cost price for the sake
of relieving itself from persistent rival
ry. 1t was hoped, even then, the sale
of the telegraph lines would furnish
capital enough to reimburse the mem
bers of the syndicate for the cash out.
lay, while q whole year was allowed